Home Options SLVReports

SLV

iShares Silver TrustClose $68.73EOD only

Max Pain

$70.00

Next expiry May 22, 2026

Expected Move

±$2.39

3.5% from close

Price Gap

+1.27

Distance to max pain

IV Rank

Low premium

P/C OI

0.53

Slightly call-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects SLV options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

SLV Directional Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

SLV is positioned for a bullish move toward max pain at $70, supported by strong dealer gamma and bullish flow. High vol regime and spot below MP increase pinning probability. Confidence is high.

Confidence:

9 / 10

Base 5; +2 GEX/flow alignment; +1 GEX pinning; +0.5 spot 1.8% below MP; +1 VIX 17. Net +4 over base.

Supports: Strong dealer long gamma, bullish flow, spot below max pain, elevated VIX (17).
Conflicts: Resistance at $70 max pain; broad market pullback could disrupt pinning.

🚀Bullish flow + positive gamma converge for pinning to $70.

📊Spot 1.8% below $70 max pain; typical pre-expiry drift.

⚠️Resistance at $70 may slow momentum; watch volume.

Regime Classification

Vol Regime

High

High vol with VIX at 17 and strong flow, confirming elevated implied vol.

Gamma Regime

Pinning

Strong positive gamma ($155.3M) creating pinning at $70 and $72.

Flow Regime

Bullish

Bullish flow with net premium leaning positive, supporting upward bias.

Spot vs Max Pain

Below

Spot ~1.8% below $70 max pain, typical for pinning toward expiry.

Thesis duration: Event-specific — Near-expiration gamma/pinning dynamics (May 20/22) and bullish flow suggest short-term move within weekly cycle.

Price Range Forecast

Next 2 days

$66.34$71.12

Pin to $70 max pain; guardrails $66.34/$71.12.

Next 1 week

$65.04$72.42

Resistance $70-72; guardrails $65.04/$72.42.

Next 2 weeks

$62.93$74.54

Breakout above $72 targets $74.54; support $62.93.

Key Levels

Max pain pins: $70 (2026-05-20); $70 (2026-05-22); $72 (2026-05-27)

EM guardrails: 2d $66.34/$71.12; 1w $65.04/$72.42

Support: $62.93

Resistance: $70.00 · $74.54 · $75.00

Structural: Support $62.93; resistance $70 (max pain), $74.54, $75.0. Gamma pinning at $70 (May 20/22) and $72 (May 27).

Dealer Positioning (GEX/DEX)

GEX: $+155.3M

DEX: +252.5M shares

Gamma flip: N/A

NTM gamma: Dealers net long gamma $155.3M, long delta (DEX +252.5M shares), amplifying pinning at $70.

IV Analysis

IV vs VIX: IV elevated vs VIX (17) due to bullish flow and pinning gamma; likely rich.

Term structure: Steep term structure, front-end demand from event (expiry).

Skew: Put skew elevated; consider bull put spreads around $70 max pain.

Flow Analysis

Net premium: Net +$32.15M, P/C vol 0.38, calls dominate.

Directional prints: 51.1 call 68 ITM 2026-05-29 — Vol/OI 10.9, IV 51, premium $2.57. Aggressive call buying. 7.2 call 69 OTM 2026-05-20 — Vol/OI 8.3, expiry, likely closing OTM calls.

Unusual: 51.1 call 68 ITM 2026-05-29 — Highest vol/OI, elevated IV, bullish. 50 put 64.5 OTM 2026-05-20 — Vol/OI 7.5, IV 50, expiry, possible put closing. 64.8 call 86 OTM 2026-05-27 — Far OTM call, high IV, speculative.

Risks & Catalysts

!Failure to reach $70 max pain could trigger profit-taking.

!Broad market reversal (SPY/QQQ weakness) disrupts bullish flow.

!Gamma flip if spot moves sharply above $75 or below $62.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-06-05 $64.50/$62.00 put spread Why now: High dealer gamma and bullish flow support upside; selling put premium below max pain captures tail risk premium.	Sharp sell-off below short put strike could cause max loss; monitor spot close to $64.
Bull call spread	Moderate-Weak	Buy 2026-06-12 $69.50/$74.50 call spread Why now: Max pain at $70 and strong call flow suggest upward drift; call spread reduces cost and risk.	Stagnation below long strike leads to decay; broad market reversal could cap upside. Liquidity constraints: short_call: Volume below 5.
Bullish risk reversal	Moderate-Strong	Buy 2026-06-18 $69.50 call / sell 2026-06-18 $62.00 put Why now: Bullish flow and high vol favor call buying; selling a put funds upside while maintaining defined risk if held to assignment.	Short put obligates purchase if spot drops; may suffer loss if both legs move against.
Call diagonal	Moderate-Weak	Sell 2026-06-05 $73.50 call / buy 2026-07-17 $70.50 call Why now: Elevated vol on near-term expiration allows premium capture; long back-month call maintains upside exposure to $70.	If spot moves sharply before short expiration, can incur loss; implied vol collapse hurts long back-month. Liquidity constraints: long_call: Volume below 5.

Top Plays

Sell Put Spread Below Max Pain

Sell 2026-06-05 $64.50/$62.00 put spread

Sells put spread to collect premium while managing tail risk below key support.

Why this play: Best risk/reward for bullish bias; high dealer gamma supports upside, premium capture near max pain.

Credit: $0.47-$0.57

Max loss: $1.93

BE: $63.93

Mgmt: Close at 50% max gain or break of $62.93.

Traders seeking high probability, defined risk bullish exposure.

Bullish Risk Reversal

Buy 2026-06-18 $69.50 call / sell 2026-06-18 $62.00 put

Combines long call and short put to express strong directional view with low upfront cost.

Why this play: Aggressive leverage on bullish flow; call buying funded by put selling with unlimited upside.

Debit: $2.22-$2.71

Max loss: $62.00

BE: $62.00

Mgmt: Roll put if spot drops below $64; take profits on call at $75.

Aggressive traders comfortable with assignment risk.

Bull Call Spread

Buy 2026-06-12 $69.50/$74.50 call spread

Buy call spread to profit from upward drift with limited loss.

Why this play: Targets $70 max pain with defined cost; less liquidity but good risk/reward.

Debit: $1.41-$1.73

Max loss: $1.73

BE: $71.23

Mgmt: Exit at target $74 or if spot falls below $67. Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Moderate bullish traders accepting lower liquidity.

Watchlist Triggers

Entry Triggers

IFSLV holds above $62.93 support → Sell 2026-06-05 $64.50/$62.00 put spread

IFSLV price above $65 and RSI(14) > 60 → Buy 2026-06-18 $69.50 call / sell 2026-06-18 $62.00 put

IFSLV approaches $70 resistance with volume > 150% 20-day average → Buy 2026-06-12 $69.50/$74.50 call spread

Exit Triggers

EXITSLV breaks below $62.93 → Close all bullish plays

EXITSLV reaches $74.54 resistance → Take profits on call spreads and risk reversals

Tactical Summary

High confidence bullish setup targeting $70 max pain, supported by strong dealer gamma and bullish flow. Prefer put credit spread for defined risk. Invalidation at $62.93. Targets $70, $74.54.

How to Use These Reports

This directional reflects the market close on May 20, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.